Conquer Debt Year Round

[ProfMoneyWise]

Conquer Debt Year Round
Sunday July 10

Once you go on a paid-for vacation you will never go any other way.

Would you rather go on a seven-day cruise then come home and pay on it for 12 years at three times the cost or save the money for a year and own that poolside drink?

Do you want to travel to see family and friends knowing you're spending money you don't have then making payments on good times past?

Save up, then go.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday July 11

Give friends money, don’t loan it to them. Unless you don’t mind losing that friend.

You aren't a banker. Don't get into a habit of loaning friends money. You are going to end up losing the money or the friend. The borrower is slave to the lender.

You want friends, not slaves. Stay out of this one and for those of you in need, don't ask a friend for money either!

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday July 12

Put it in writing. Financial agreements must be clearly defined.

Don't sign anything you haven't read. Even when the person across the table sighs deeply as you tell them you want to read it before signing.

If you know you'll be in a situation where there is a lot to read arrange to get copies in advance.

If there is nothing to worry about what's the harm in you reading before signing?

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday July 13

Manufacturers are all about getting you to spend money. It's all a game so at least know the rules.

You have money. Producers have product. They want to do an exchange. There are many sellers of the same product and they will try to entice you to become a customer using advertising, sales, or special packaging.

There, you know the game, now at least play it with some common sense.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday July 14

You can’t afford what you're buying if you're using a credit card.

The difference between debit and credit cards is that credit cards can only buy you debt.

Never buy anything you don't have the money for right now. If this becomes a habit then a debit card makes perfect sense since you have the money in the bank.

A friend of mine says, "If you plan on paying for it tomorrow, then wait until tomorrow to buy it."

 

[bulldog]

Conquer Debt Year Round
Thursday July 14

You can’t afford what you're buying if you're using a credit card.

The difference between debit and credit cards is that credit cards can only buy you debt.

Never buy anything you don't have the money for right now. If this becomes a habit then a debit card makes perfect sense since you have the money in the bank.

A friend of mine says, "If you plan on paying for it tomorrow, then wait until tomorrow to buy it."

I disagree with this.

I have two credit cards that I use for almost everything. I pay both of them off every month and therefore don't pay any interest charges. I also get cash back on both cards and discounts on certain items / at certain places. Using my credit cards actually makes/saves me money.

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday July 15

Learning from mistakes doesn't mean YOU have to be the one making the mistake. Seven out of 10 people live paycheck to paycheck so there's plenty of evidence this is no way to live.

You see the fancy cars, boats, and expensive vacations. But, later pay attention to the unkempt house, overgrown lawn, and frowns. They all frown!

Personal finance simply means NOT spending what you don't have, nothing more.

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday July 16

Don’t touch your 401K. Don’t borrow from your future to satisfy your present. It's tempting, but let's see what can go wrong:

1. You can't borrow your way out of debt, I don't care if it is borrowing from yourself.

2. Your money stops earning money since you've taken it out of the market.

3. If you lose your job, you'll have to pay the money back or pay taxes and penalties around 40%.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday July 17

J.C. Penney. Did you know his full name was James Cash Penney? He was one of the last to get on board offering customers credit. Funny when you think about how much you owe them, huh?

Get to the point in your financial life where you don't walk into stores unless you have the cash to make your purchase.

Get to the point in your life where you never spend a dime that's not yours.

Weird? You bet it is!

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday July 18

Regardless of their political party, politicians in D.C. aren't going to fix your problem. Your debt can only be addressed by you. Think about it. The last "stimulus" check you got from D.C. was what? $300? $600? $1000? Get off your rear-end and take care of your problem.

Nobody but you cares about you. Take control of your finances because no one else will.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday July 19

Don’t turn a dream home into a nightmare. You must be debt-free before purchasing a new home and your total payment (including tax and insurance) shouldn't exceed 25% of your take-home pay.

In addition, never consider anything but a 15-year fixed mortgage.

If you can't follow the above guidelines you need to rethink the kind of home you can afford or save up more money for a down payment.

It's that simple.

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday July 20

If you're wondering what impact having children will have on your finances do some homework. Go to the store, find out what diapers and baby food really cost. The internet can give you a hand, too. Don’t turn what is a wonderful event into a financial surprise.

With so many resources available there is absolutely no reason you should be surprised at the financial impact a child will have on your household.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday July 21

The phrase “it takes money to make money” wasn't coined by the guy paying your bills. Don’t use it to justify taking stupid risks.

If you need everything in a deal to work absolutely perfectly for the deal to work out for you I suggest you do one thing. RUN!!

 

[ProfMoneyWise]

Conquer Debt Year Round
Friday July 22

You'll find that once you are debt-free and all your money is yours, you get real conservative real fast when it comes to risking your cash. That's usually when you begin to pile it up. Nothing magic about it. It's just the fact it has nowhere to go but to YOU!

 

[ProfMoneyWise]

Conquer Debt Year Round
Saturday July 23

If you play the lottery 15,890,700 times you are supposed to win at least once. Or, does that mean you need to play it 15,890,700 times per lottery drawing?

Hmmm, maybe that's not the ticket out of your financial problems after all.

 

[ProfMoneyWise]

Conquer Debt Year Round
Sunday July 24

Taking control of your money instead of letting it control you works wonders to get you out of debt and financially prepared for life. It also works well if you should happen upon a windfall. It gives you the correct mindset and tools not to squander your good fortune.

 

[ProfMoneyWise]

Conquer Debt Year Round
Monday July 25

This calendar doesn't say anything good about car loans. There is no way anyone can justify using rented money to buy a depreciating asset. Just doesn't make sense.

 

[ProfMoneyWise]

Conquer Debt Year Round
Tuesday July 26

Economies recover. Will you still be in debt?

 

[ProfMoneyWise]

Conquer Debt Year Round
Wednesday July 27

If there isn't enough of something, but everybody wants it and the price goes up it’s called inflation. If there is too much of something, and not enough customers want it, the price goes down and it’s called deflation. If things are even it’s called stagflation.

If you are debt-free all this is just blather on the news.

 

[ProfMoneyWise]

Conquer Debt Year Round
Thursday July 28

When you use credit you agree to pay more than is being asked.

On what level does this make sense?